Ferrari confirm signing of Alonso for 2010 season (Roundup)

Sep 30, 2009, 14:54 GMT

Maranello, Italy - Ferrari confirmed Wednesday the signing of Fernando Alonso from Renault for the 2010 Formula One season as replacement driver for Kimi Raikkonen.

The two-time world champion has agreed a three-year deal and will partner Felipe Massa with Giancarlo Fisichella in the role of reserve driver.

'We are very proud to welcome to our team another winning driver, who has demonstrated his amazing talent by winning two world championships in his career to date,' said Ferrari team principal Stefano Domenicali in a statement.

Raikkonen, who won the 2007 drivers' title in his first year at Ferrari and still has one year left on his contract, is expected to replace fellow Finn Heikki Kovalainen at former team McLaren-Mercedes where he will partner current world champion Lewis Hamilton.

'Of course, we wish to thank Kimi for everything he has done during his time with Ferrari: in his first year with us, he managed to win the drivers' title, thus making his contribution to Ferrari's history and he played a vital role in our taking of the constructors' title in 2007 and 2008,' said Domenicali.

'Even during a difficult season like this one, he has demonstrated his great talent, with several good results, including a great win in Spa (Belgium) and we are sure that we can share more good times together in the final three races of this season.'

Raikkonen said the early termination of his contract was by common consent although Spain's El Pais newspaper reported Wednesday that Raikkonen had initially demanded a pay-off of 65 million euros (95 million dollars) from Ferrari but in the end settled for 45 million.

A portion of the fee is reportedly being paid by Spanish bank Santander, which now sponsors both Ferrari and McLaren. Raikkonen reputedly earned 30 million euros a year at Ferrari, which has now been reduced to 20 million at McLaren.

I am very sad to be leaving a team with which I have spent three fantastic years, during which time I won plenty of races. Together, we have won 50 per cent of the world titles in that period and I managed to take the drivers' title in 2007, thus achieving the target I had set myself at the start of my career,' he said.

'I have always felt at home with everyone here and I will have many happy memories of my time with the team.'

Alonso, meanwhile, is expected to become the top-earning driver in F1 as a result of the move.

The 28-year-old Spaniard has reportedly also negotiated an option to extend his contract after the three years and will earn a reputed annual salary of up to 25 million euros.

BMW-Sauber driver Robert Kubica of Poland is understood to have already signed a deal to replace Alonso at Renault.

Alonso made his F1 debut for Minardi in 2001 before moving to Renault as a test driver in 2002. The following season he was promoted to the Renault race team and claimed his first F1 victory at the 2003 Hungarian GP.

He went on to become the youngest world champion in the history of the sport by taking the first of his two consecutive drivers' titles in 2005, a record eclipsed by Hamilton when he became world champion last year.

After two subsequent unhappy seasons with McLaren, Alonso rejoined Renault in 2008.